Motorists are in for a reprieve as the end-month data from the Central Energy Funds shows a likely petrol price cut for September.
According to the latest data, the price of 95 unleaded petrol is expected to decrease by around R2.28 a litre in the first week of September. The price of 93 petrol could drop by around R2.12 a litre. Diesel could be reduced by more than a R1 a litre. The price of illuming paraffin could be drop by more than R1 a litre.
The fuel prices are usually adjusted on the first Wednesday of the month and determined by the price of oil and the rand/dollar exchange rate.
While South Africans had initially expected a price drop of around R2 for diesel and R2.60 a litre for 95 unleaded, things appeared to take a different turn as oil prices continued to fluctuate.
However, with Brent crude oil being back above $100 per barrel due to production cuts in Saudi Arabia and with the rand trading slightly stronger at R16.92 against the dollar on Monday, motorists may still get their price reduction.
Th price drop would see fuel prices back to the levels we saw in June, however, it would still be around R3 more expensive than it was in February 2022 due to the implications of the Russian invasion of Ukraine.
Source: Business Tech, Fin24, cape{town}etc, image from cape{town}etc